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Monday, October 20, 2014

Global oil prices to come down by $60/ barrel

Egypt's former petroleum minister Osama Kamal said global crude oil prices are set to fall drastically, predicting a further erosion of as much as a third in the coming days. "I expect crude oil prices to touch $60 per barrel. This will impact several economies," said Kamal, who was in Mumbai to address the top Aditya Birla Group executives. India is among the major investors in Egypt, with about a dozen firms employing over 35,000 locals there. "The Aditya Birla Group has one of the world's largest carbon black manufacturing units in Egypt. There is also a newly constructed polyester plant with a production capacity of 420,000 tonne per annum," he said.

Kamal said Egypt's economy is back on the path to recovery. "Our economy will be back on track in three years. The signs are already visible. Inflation is hovering around 8.2% and we have also controlled fuel consumption," he said, adding that the new social security programme has helped control food prices. Egypt is implementing an ambitious plan of developing the Suez Canal Axis through a project involving ship building and maintenance yards, which will bring in $100 billion in investments into the country, he said. He also said that Egypt's transition to civilian rule is progressing in accordance with the plan.